For 4QY2016, Jyothy Laboratories (JLL) reported a top-line growth of 11.1% yoy to Rs445cr. On account of lower raw material and employee expenses as a percentage of sales, the EBITDA margin expanded by 431bp yoy to 14.1%. Interest expenses declined by 83.7% yoy to Rs1cr while the tax rate was higher at 35% vs 11.4% in 4QFY2015. On account..